REPORT NO MARCH 2012 MIAMI DADE COLLEGE. Financial Audit

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1 REPORT NO MARCH 2012 Financial Audit For the Fiscal Year Ended June 30, 2011

2 BOARD OF TRUSTEES AND PRESIDENT Members of the Board of Trustees and President who served during the fiscal year are listed below: The Auditor General conducts audits of governmental entities to provide the Legislature, Florida s citizens, public entity management, and other stakeholders unbiased, timely, and relevant information for use in promoting government accountability and stewardship and improving government operations. The audit team leader was Hector J. Quevedo, CPA, and the audit was supervised by Ramon A. Gonzalez, CPA. Please address inquiries regarding this report to James R. Stultz, CPA, Audit Manager, by at or by telephone at (850) This report and other reports prepared by the Auditor General can be obtained on our Web site at by telephone at (850) ; or by mail at G74 Claude Pepper Building, 111 West Madison Street, Tallahassee, Florida

3 TABLE OF CONTENTS EXECUTIVE SUMMARY... PAGE NO. INDEPENDENT AUDITOR S REPORT ON FINANCIAL STATEMENTS... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 BASIC FINANCIAL STATEMENTS Statement of Net Assets Statement of Revenues, Expenses, and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements OTHER REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Other Postemployment Benefits Plan Notes to Required Supplementary Information INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Internal Control Over Financial Reporting Compliance and Other Matters i

4 EXECUTIVE SUMMARY Summary of Report on Financial Statements Our audit disclosed that the College s basic financial statements were presented fairly, in all material respects, in accordance with prescribed financial reporting standards. Summary of Report on Internal Control and Compliance Our audit did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards issued by the Comptroller General of the United States. Audit Objectives and Scope Our audit objectives were to determine whether Miami Dade College and its officers with administrative and stewardship responsibilities for College operations had: Presented the College s basic financial statements in accordance with generally accepted accounting principles; Established and implemented internal control over financial reporting and compliance with requirements that could have a direct and material effect on the financial statements; and Complied with the various provisions of laws, rules, regulations, contracts, and grant agreements that are material to the financial statements. The scope of this audit included an examination of the College s basic financial statements as of and for the fiscal year ended June 30, We obtained an understanding of the College s environment, including its internal control, and assessed the risk of material misstatement necessary to plan the audit of the basic financial statements. We also examined various transactions to determine whether they were executed, in both manner and substance, in accordance with governing provisions of laws, rules, regulations, contracts, and grant agreements. An examination of Federal awards administered by the College is included within the scope of our Statewide audit of Federal awards administered by the State of Florida. Audit Methodology The methodology used to develop the findings in this report included the examination of pertinent College records in connection with the application of procedures required by auditing standards generally accepted in the United States of America and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States. i

5 DAVID W. MARTIN, CPA AUDITOR GENERAL AUDITOR GENERAL STATE OF FLORIDA G74 Claude Pepper Building 111 West Madison Street Tallahassee, Florida PHONE: FAX: The President of the Senate, the Speaker of the House of Representatives, and the Legislative Auditing Committee INDEPENDENT AUDITOR S REPORT ON FINANCIAL STATEMENTS We have audited the accompanying financial statements of Miami Dade College, a component unit of the State of Florida, and its discretely presented component unit as of and for the fiscal year ended June 30, 2011, which collectively comprise the College s basic financial statements as listed in the table of contents. These financial statements are the responsibility of College management. Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the discretely presented component unit, as described in note 1 to the financial statements, which represent 100 percent of the transactions and account balances of the discretely presented component unit columns. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the report of the other auditors provide a reasonable basis for our opinions. In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of Miami Dade College and of its discretely presented component unit as of June 30, 2011, and the respective changes in financial position and cash flows thereof for the fiscal year then ended, in conformity with accounting principles generally accepted in the United States of America. 1

6 In accordance with Government Auditing Standards, we have also issued a report on our consideration of Miami Dade College s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, rules, regulations, contracts, and grant agreements and other matters included under the heading INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Accounting principles generally accepted in the United States of America require that MANAGEMENT S DISCUSSION AND ANALYSIS, SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS PLAN, and NOTES TO REQUIRED SUPPLEMENTARY INFORMATION, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a required part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Respectfully submitted, David W. Martin, CPA March 21,

7 MANAGEMENT S DISCUSSION AND ANALYSIS The management s discussion and analysis (MD&A) provides an overview of the financial position and activities of the College for the fiscal year ended June 30, 2011, and should be read in conjunction with the financial statements and notes thereto. This overview is required by Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements and Management s Discussion and Analysis for Public Colleges and Universities, as amended by GASB Statements Nos. 37 and 38. The MD&A, and financial statements and notes thereto, are the responsibility of College management. The MD&A contains financial activities of the College for the fiscal years ended June 30, 2011, and June 30, 2010, and its component unit, the Miami Dade College Foundation, Inc., for the fiscal years ended March 31, 2011, and March 31, FINANCIAL HIGHLIGHTS The College s financial position improved during the fiscal year ended June 30, 2011, as reflected by a $117.2 million, or 12 percent, increase in net assets from the fiscal year. The College s comparative total net assets by category for the fiscal years ended June 30, 2011, and June 30, 2010, are shown in the following graph: Net Assets: College (In Thousands) $600,000 $404,111 $385,661 $500,367 $465, $300,000 $191,754 $127,717 $0 Invested in Capital Assets, Net of Related Debt Restricted Unrestricted 3

8 The following chart provides a graphical presentation of College revenues by category for the fiscal year: Total Revenues: College Other Revenues 9% Nonoperating Revenues 71% Operating Revenues 20% For the fiscal year ended June 30, 2011, College revenue and other support exceeded expenses, creating an increase in net assets of $117.2 million (compared to a $91.4 million increase in the fiscal year). Nonoperating revenues represent 71 percent of total revenues and are comprised primarily of State noncapital appropriations and gifts and grants with a purpose of supporting operating expenses. OVERVIEW OF FINANCIAL STATEMENTS Pursuant to GASB Statement No. 35, the College s financial report consists of three basic financial statements: the statement of net assets; the statement of revenues, expenses, and changes in net assets; and the statement of cash flows. These financial statements, and notes thereto, provide information on the College as a whole, present a long-term view of the College s finances, and include activities for the following entities: Miami Dade College (Primary Institution) Most of the programs and services generally associated with a college fall into this category, including instruction, public service, and support services. Miami Dade College Foundation, Inc. (Component Unit) Although legally separate, this component unit is important because the College is financially accountable for it, as the College reports its financial activities to the State of Florida. THE STATEMENT OF NET ASSETS AND THE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS One of the most important questions asked about the College s finances is, Is Miami Dade College as a whole, better or worse off as a result of the year s activities? The statement of net assets and the statement of revenues, expenses, and changes in net assets report information on the College as a whole and on its activities in a way that helps answer this question. When revenues and other support exceed expenses, the result is an increase in net assets. When the reverse occurs, the result is a decrease in net assets. The relationship between revenues and expenses may be thought of as Miami Dade College s operating results. These two statements report Miami Dade College s net assets and changes in them. You can think of the College s net assets, the difference between assets and liabilities, as one way to measure the College s financial health, or financial position. Over time, increases or decreases in the College s net assets are one indication of whether its financial health is improving or deteriorating. You will need to consider many other nonfinancial factors, such as 4

9 certain trends, student retention, condition of the buildings, and the safety of the campus, to assess the College s overall financial health. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector institutions. All of the current fiscal year s revenues and expenses are taken into account regardless of when cash is received or paid. A condensed statement of assets, liabilities, and net assets of the College and its component unit for the respective fiscal years ended is shown in the following table: Condensed Statement of Net Assets at (In Thousands) College Component Unit Assets Current Assets $ 324,583 $ 271,821 $ 9,252 $ 10,169 Capital Assets, Net 408, ,147 Other Noncurrent Assets 470, , , ,111 Total Assets 1,203,571 1,069, , ,280 Liabilities Current Liabilities 86,716 69,887 8,544 9,496 Noncurrent Liabilities 20,623 20,264 Total Liabilities 107,339 90,151 8,544 9,496 Net Assets Invested in Capital Assets, Net of Related Debt 404, ,661 Restricted 500, , ,399 99,492 Unrestricted 191, ,717 3,651 5,292 Total Net Assets $ 1,096,232 $ 979,071 $ 116,050 $ 104,784 Increase in Net Assets $ 117, % $ 11, % The College s net assets increased by $117.2 million, or 12 percent. Changes in the College s net assets were the result of the following factors: Unrestricted net assets increased $64 million, or 50.1 percent, as the College continued to perform well in its primary operations. Invested in capital assets, net of related debt increased by $18.5 million, or 4.8 percent. This was the result of an increase in capital assets of $17.1 million and a decrease in capital asset related debt of $1.4 million from scheduled payments that were made and the College not incurring any additional debt during the fiscal year to acquire capital assets. Restricted net assets increased by $34.7 million, or 7.4 percent, mainly due to the increase in nonoperating restricted gifts and grants received during the fiscal year. 5

10 Revenues and expenses of the College and its component unit for the respective fiscal years ended are shown in the following table: Condensed Statement of Revenues, Expenses, and Changes in Net Assets For the Fiscal Years Ended (In Thousands) College Component Unit Operating Revenues Student Tuition and Fees, Net of Scholarship Allowances $ 69,861 $ 74,486 $ $ Federal Grants and Contracts 21,777 24,390 State and Local Grants and Contracts 4,039 4, Nongovernmental Grants and Contracts 8,856 7,924 Sales and Services of Educational Departments Auxiliary Enterprises 4,036 3,615 Other Operating Revenues 4,348 5,520 10,259 7,857 Total Operating Revenues 113, ,619 10,624 8,224 Less, Operating Expenses 461, ,971 11,271 14,454 Operating Loss (347,709) (306,352) (647) (6,230) Nonoperating Revenues (Expenses) State Noncapital Appropriations 164, ,684 Other Nonoperating Revenues 249, ,634 11,913 20,760 Nonoperating Expenses (261) (333) Net Nonoperating Revenues 413, ,985 11,913 20,760 Income Before Other Revenues, Expenses, Gains, or Losses 65,851 59,633 11,266 14,530 State Capital Appropriations 31,877 17,861 Capital Grants, Contracts, Gifts, and Fees 19,433 13,873 Increase in Net Assets 117,161 91,367 11,266 14,530 Net Assets, Beginning of Year 979, , ,784 90,254 Net Assets, End of Year $ 1,096,232 $ 979,071 $ 116,050 $ 104,784 Operating Revenues GASB Statement No. 35 categorizes revenues as either operating or nonoperating. Operating revenues generally result from exchange transactions where each of the parties to the transaction either gives or receives something of equal or similar value. 6

11 The following chart presents the College s operating revenues for the and fiscal years: Operating Revenues: College (In Thousands) Other Auxiliary Enterprises Sales and Services of Educational Departments Nongovernmental Grants and Contracts State and Local Grants and Contracts Federal Grants and Contracts Student Tuition and Fees, Net $5,520 $4,348 $3,615 $4,036 $782 $715 $7,924 $8,856 $4,902 $4,039 $24,390 $21,777 $74,486 $69, $0 $50,000 $100,000 Operating revenues of the College decreased by $8 million, or 6.6 percent, compared to the fiscal year as a result of the following factors: Student tuition and fee revenue, net of scholarship allowances, decreased by $4.6 million, or 6.2 percent. The decrease is due to the net effect of increase in student tuition and fee revenue of $20.8 million and increase in scholarship allowance of $25.4 million. Operating revenues from Federal, State, and local governments decreased by $3.5 million, or 11.9 percent, primarily due to a decrease in grants and contracts from Federal, State, and local sources versus the fiscal year. Revenues from nongovernmental grants and contracts, sales and services of educational departments, auxiliary enterprises, and other operating revenues remained materially unchanged compared to the fiscal year. Operating Expenses Expenses are categorized as operating or nonoperating. The majority of the College s expenses are operating expenses as defined by GASB Statement No. 35. GASB gives financial reporting entities the choice of reporting operating expenses in the functional or natural classifications. The College has chosen to report the expenses in their natural classification on the statement of revenues, expenses, and changes in net assets and has displayed the functional classification in the notes to financial statements. 7

12 Operating expenses for the College and its component unit for the respective fiscal years ended are shown in the following table: Operating Expenses For the Fiscal Years Ended (In Thousands) College Component Unit Operating Expenses Personnel Services $ 243,095 $ 235,786 $ 2,161 $ 1,943 Scholarships and Waivers 111,056 93,135 6,077 9,075 Utilities and Communications 11,525 11,931 Contractual Services 16,912 13,706 Other Services and Expenses 35,796 36,724 3,033 3,436 Materials and Supplies 19,933 16,549 Depreciation 23,024 20,140 Total Operating Expenses $ 461,341 $ 427,971 $ 11,271 $ 14,454 The following chart presents the College s operating expenses for the and fiscal years: Operating Expenses: College (In Thousands) Personnel Services Scholarships and Waivers Utilities and Communications Contractual Services Other Services and Expenses Materials and Supplies Depreciation $11,931 $11,525 $13,706 $16,912 $36,724 $35,796 $16,549 $19,933 $20,140 $23,024 $93,135 $111,056 $235,786 $243, $0 $150,000 $300,000 Operating expenses of the College increased by $33.4 million, or 7.8 percent, compared to the fiscal year as a result of the following factors: Personnel services expenditures increased by $7.3 million, or 3.1 percent, due primarily to the effect of an average 2 percent base salary increase and additional hiring of part-time employees. Scholarships and waivers increased by $18 million, or 19.2 percent, primarily due to an increase in Federal Pell Grant awards. Utilities and communications expenses remained materially unchanged compared to the fiscal year. 8

13 Contractual services and other services and expenses, in combination, increased by $2.3 million, or 4.5 percent, mainly attributable to the additional activities and serviced needed. Materials and supplies expenses increased by $3.4 million, or 20.4 percent. This increase is mainly attributable to the additional activities and programs offered. Depreciation expense increased by $2.9 million, or 14.3 percent. Nonoperating Revenues and Expenses Certain revenue sources that the College relies on to provide funding for operations, including State noncapital appropriations, certain gifts and grants, and investment income, are defined by GASB as nonoperating. Nonoperating expenses include capital financing costs and other costs related to capital assets. The following summarizes the College s nonoperating revenues and expenses for the and fiscal years: Nonoperating Revenues (Expenses): College (In Thousands) State Noncapital Appropriations $ 164,120 $ 155,684 Gifts and Grants 214, ,084 Investment Income 11,974 12,922 Net Realized and Unrealized Gain 23,056 23,592 Other Nonoperating Revenues Loss on Disposal of Capital Assets (13) Interest on Capital Asset-Related Debt (261) (320) Net Nonoperating Revenues $ 413,560 $ 365,985 Net nonoperating revenues increased by $47.6 million compared to the fiscal year. State noncapital appropriations increased by $8.4 million, gifts and grants increased by $40.3 million (primarily as a result of increases in student aid and the American Recovery and Reinvestment Act revenues), and revenues from investments including both investment income and net realized and unrealized gains on investments decreased slightly, reflecting the fair market value of investments. Other Revenues, Expenses, Gains, or Losses This category is mainly composed of State capital appropriations and capital grants, contracts, gifts, and fees. The following summarizes the College s other revenues, expenses, gains, or losses for the and fiscal years: Other Revenues, Expenses, Gains, or Losses: College (In Thousands) State Capital Appropriations $ 31,877 $ 17,861 Capital Grants, Contracts, Gifts, and Fees 19,433 13,873 Total $ 51,310 $ 31,734 Other revenues, expenses, gains, or losses increased by $19.6 million, or 61.7 percent, compared to the fiscal year, as a result of the following factors: State capital appropriations increased by $14 million, or 78.5 percent, as a result of an increase in Public Education Capital Outlay funding. 9

14 Capital grants, contracts, gifts, and fees increased by $5.6 million, or 40.1 percent, primarily as a result of increase in capital improvement fees compared to the fiscal year. THE STATEMENT OF CASH FLOWS Another way to assess the financial health of an institution is to look at the statement of cash flows. Its primary purpose is to provide relevant information about the cash receipts and cash payments of an entity during a period. The statement of cash flows also helps users assess: An entity s ability to generate future net cash flows. Its ability to meet its obligations as they come due. Its need for external financing. A summary of the College s cash flows for the and fiscal years is presented in the following table: Condensed Statement of Cash Flows: College (In Thousands) Cash Provided (Used) by: Operating Activities $ (333,537) $ (296,676) Noncapital Financing Activities 377, ,768 Capital and Related Financing Activities 24,841 13,023 Investing Activities 10,397 18,853 Net Increase in Cash and Cash Equivalents 79,422 64,968 Cash and Cash Equivalents, Beginning of Year 299, ,763 Cash and Cash Equivalents, End of Year $ 379,153 $ 299,731 The College s liquidity increased during the reporting period. For the purpose of cash flows, cash and cash equivalents consist of cash on hand, cash in demand accounts, funds in an institutional cash management money market mutual fund, and cash invested with the State Board of Administration and the State Treasury. During the fiscal year, cash and cash equivalents increased by $79.4 million, when compared to the prior fiscal year. The increase in cash and cash equivalents and a discussion of categories of cash flows are as follows: The net cash used for operating activities was $333.5 million. Included in the calculation of this total are payments for employee salaries and benefits of $203.1 million and $46.2 million, respectively, payments for scholarships of $111 million, and payments to suppliers of $71.3 million. These are the four major outflows of operating activities. Primary inflows of operating activities consist of net tuition and fees and grants and contracts, totaling $66 million and $34.4 million, respectively. Cash used by operating activities increased by $36.9 million. This increase in cash used was primarily the result of an increase in cash payments for scholarships of $17.9 million, an increase in cash payments for loans issued to students of $3.3 million, an increase in cash payments to employees of $5.8 million, an increase in cash payments for benefits to employees of $2.3 million, an increase in payments to suppliers of $3.7 million, a decrease in cash provided for grants and contracts of $1.0 million, a decrease in cash provided for tuition and fees of $4.9 million, and a decrease in cash received of $2.2 million from other receipts, which were offset by an increase in cash received of $3.6 million from the collection of loans to students. The net cash provided by noncapital financing activities was $377.7 million. This amount included State noncapital appropriations in the amount of $164.1 million, gifts and grants received for other than capital or endowment purposes (which include Federal Pell Grant and American Recovery and Reinvestment Act revenues) in the amount

15 of $215.3 million and student loan programs receipts in the amounts of $26.2 million which were offset by student loan program disbursements in the amount of $27.9 million. Cash provided from noncapital financing activities increased by $48 million. This increase in cash provided was the result of an increase in State noncapital appropriations of $8.4 million and an increase of $41.3 million from the receipt of student aid and American Recovery and Reinvestment Act revenues, which was offset by direct loan disbursements exceeding direct loan program receipts by $1.7 million. The net cash provided by capital and related financing activities was $24.8 million. Included in the calculation of this total are purchases of capital assets in the amount of $39.9 million and the receipt of State capital appropriations and capital grants and gifts totaling, $46.9 million and $19.4 million, respectively. The purchases of capital assets primarily reflect construction and acquisition of facilities and equipment made during the fiscal year. These are the primary outflows and inflows of capital and related financing activities. Cash provided by capital and related financing activities increased by $11.8 million. This increase in cash provided was primarily due to an increase of $12.2 million in capital appropriations and an increase of $5.6 million in capital gifts and grants, which was offset by an increase in cash used of $5.9 million for the purchase of capital assets. The net cash provided by investing activities was $10.4 million, which represents a decrease of $8.5 million from the prior fiscal year. This decrease was the result of an increase in cash received from investment earnings of $5.2 million offset by a decrease of $4 million of proceeds from the sales and maturities of investments and the purchase of investment in the amount of $9.7 million. CAPITAL ASSETS CAPITAL ASSETS AND DEBT ADMINISTRATION At June 30, 2011, the College had $751.9 million in capital assets, less accumulated depreciation of $343.6 million, for net capital assets of $408.3 million. Depreciation charges for the current fiscal year totaled $23 million, and disposal of capital assets totaled $2.9 million. The following table summarizes the College s capital assets at June 30: Capital Assets, Net at June 30: College (In Thousands) Land $ 80,666 $ 80,620 Construction in Progress 20,835 19,546 Buildings 560, ,866 Other Structures and Improvements 27,239 26,257 Furniture, Machinery, and Equipment 62,223 60,346 Total 751, ,635 Less: Accumulated Depreciation Buildings 265, ,566 Other Structures and Improvements 24,025 23,441 Furniture, Machinery, and Equipment 54,046 53,481 Total Accumulated Depreciation 343, ,488 Capital Assets, Net $ 408,282 $ 391,147 More information about the College s capital assets is presented in the notes to financial statements. 11

16 The College has $39.2 million in major construction commitments at June 30, The commitments are for projects that include classrooms, office renovations, and academic support facilities. State capital appropriations together with local funds are expected to finance these projects. More information about the College s capital assets is presented in the notes to financial statements. DEBT ADMINISTRATION At fiscal year-end, the College had $4.2 million in long-term debt outstanding versus $5.5 million at the end of the prior fiscal year, a decrease of 24 percent. The following table summarizes outstanding long-term debt by type for the fiscal years ended June 30, 2011, and June 30, 2010: Long-Term Debt, at June 30: College (In Thousands) SBE Capital Outlay Bonds Payable $ 3,970 $ 4,895 Installment Purchases Payable Total $ 4,171 $ 5,487 The State Board of Education (SBE) issues capital outlay bonds on behalf of the College. These bonds mature serially and are secured by the College s portion of the State-assessed motor vehicle license tax. Additionally, the College acquired data processing equipment through an installment purchase agreement during the fiscal year. More detailed information about the College s long-term liabilities is presented in the notes to financial statements. ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE Miami Dade College s economic condition is closely tied to that of the State of Florida. While increases in student fees and interest income are expected to partially offset increased expenditures in the fiscal year, expectations of decreased State funding in future years are expected to challenge the College financially in this and future years. On-going efforts to develop new revenue sources and contain costs have served the College well in its commitment to the growth of educational programs, improved student access, and overall excellence in service to its students and the community. The conservative budgetary stance taken by the College provides the framework for a focused response in support of our educational mission and provides financial stability in the face of limited economic growth and increased demand for State resources. REQUESTS FOR INFORMATION Questions concerning information provided in the MD&A (or other required supplementary information) and financial statements and notes thereto, or requests for additional financial information should be addressed to E. H. Levering, Senior Vice Provost of Business Affairs and Chief Financial Officer, Miami Dade College, S.W. 104 th Street, Miami, Florida

17 BASIC FINANCIAL STATEMENTS STATEMENT OF NET ASSETS June 30, 2011 College Component Unit ASSETS Current Assets: Cash and Cash Equivalents $ 152,515,893 $ 1,482,067 Restricted Cash and Cash Equivalents 20,812, ,098 Cash Collateral Security Lending 35,700,640 6,061,912 Accounts Receivable, Net 8,147, ,585 Notes Receivable, Net 4,571,852 Due from Other Governmental Agencies 101,361,493 Due from Component Unit/College 1,220, ,273 Inventories 40,881 Prepaid Expenses 135,604 Deposits - Other 77,281 Other Assets 42,353 Total Current Assets 324,583,180 9,252,288 Noncurrent Assets: Restricted Cash and Cash Equivalents 205,825,050 24,738,432 Endowment Investments 86,115,976 89,654,794 Restricted Other Investments 107,701, ,237 Other Investments 57,276,111 Notes Receivable, Net 13,787,467 Depreciable Capital Assets, Net 306,781,108 Nondepreciable Capital Assets 101,500,449 Total Noncurrent Assets 878,987, ,341,463 TOTAL ASSETS $ 1,203,570,941 $ 124,593,751 LIABILITIES Current Liabilities: Accounts Payable $ 4,846,954 $ 335,503 Salary and Payroll Taxes Payable 19,233,515 Retainage Payable 1,662,591 Due to Other Governmental Agencies 895,000 Due to Component Unit/College 501,567 1,968,479 Deferred Revenue 1,172,318 Deposits Held for Others 178,098 Liability for Cash Collateral Securities Lending 35,700,640 6,061,912 Long-Term Liabilities - Current Portion: Bonds Payable 985,000 Installment Purchases Payable 200,807 Deposits Held for Others 7,519,299 Compensated Absences Payable 13,998,012 Total Current Liabilities 86,715,703 8,543,992 Noncurrent Liabilities: Bonds Payable 2,985,000 Desposits Held for Others 5,000 Compensated Absences Payable 11,305,697 Other Postemployment Benefits Payable 6,327,884 Total Noncurrent Liabilities 20,623,581 TOTAL LIABILITIES 107,339,284 8,543,992 13

18 STATEMENT OF NET ASSETS (Continued) June 30, 2011 College Component Unit NET ASSETS Invested in Capital Assets, Net of Related Debt $ 404,110,750 $ Restricted: Nonexpendable: Endowment 47,053,850 Expendable: Endowment 86,115,976 Grants and Loans 36,541,758 Scholarships 4,030,872 65,345,012 Capital Projects 373,583,144 Debt Service 95,376 Unrestricted 191,753,781 3,650,897 Total Net Assets 1,096,231, ,049,759 TOTAL LIABILITIES AND NET ASSETS $ 1,203,570,941 $ 124,593,751 The accompanying notes to financial statements are an integral part of this statement. 14

19 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS For the Fiscal Year Ended June 30, 2011 College Component Unit REVENUES Operating Revenues: Student Tuition and Fees, Net of Scholarship Allowances of $104,572,943 $ 69,860,769 $ Federal Grants and Contracts 21,777,467 State and Local Grants and Contracts 4,038, ,097 Nongovernmental Grants and Contracts 8,855,980 Sales and Services of Educational Departments 715,401 Auxiliary Enterprises 4,035,513 Other Operating Revenues 4,348,150 10,259,199 Total Operating Revenues 113,631,702 10,624,296 EXPENSES Operating Expenses: Personnel Services 243,094,861 2,161,300 Scholarships and Waivers 111,055,974 6,076,716 Utilities and Communications 11,525,481 Contractual Services 16,911,490 Other Services and Expenses 35,795,598 3,033,580 Materials and Supplies 19,933,371 Depreciation 23,024,482 Total Operating Expenses 461,341,257 11,271,596 Operating Loss (347,709,555) (647,300) NONOPERATING REVENUES (EXPENSES) State Noncapital Appropriations 164,120,185 Gifts and Grants 214,400,434 Investment Income 11,973,472 1,220,398 Net Realized and Unrealized Gain on Investments 23,056,155 10,692,212 Other Nonoperating Revenues 270,902 Interest on Capital Asset-Related Debt (261,400) Net Nonoperating Revenues 413,559,748 11,912,610 Income Before Other Revenues, Expenses, Gains, or Losses 65,850,193 11,265,310 State Capital Appropriations 31,876,725 Capital Grants, Contracts, Gifts, and Fees 19,433,551 Total Other Revenues 51,310,276 Increase in Net Assets 117,160,469 11,265,310 Net Assets, Beginning of Year 979,071, ,784,449 Net Assets, End of Year $ 1,096,231,657 $ 116,049,759 The accompanying notes to financial statements are an integral part of this statement. 15

20 STATEMENT OF CASH FLOWS For the Fiscal Year Ended June 30, 2011 College CASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees, Net $ 65,961,246 Grants and Contracts 34,395,782 Payments to Suppliers (71,324,238) Payments for Utilities and Communications (11,525,481) Payments to Employees (203,052,373) Payments for Employee Benefits (46,208,298) Payments for Scholarships (111,055,974) Loans Issued to Students (36,868,085) Collection of Loans to Students 36,177,734 Auxiliary Enterprises 4,035,513 Sales and Service of Educational Departments 715,401 Other Receipts 5,211,283 Net Cash Used by Operating Activities (333,537,490) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Noncapital Appropriations 164,120,185 Gifts and Grants Received for Other Than Capital or Endowment Purposes 215,334,798 Direct Loan Program Receipts 26,212,757 Direct Loan Program Disbursements (27,946,547) Net Cash Provided by Noncapital Financing Activities 377,721,193 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations 46,894,774 Capital Grants and Gifts 19,433,551 Purchases of Capital Assets (39,909,907) Principal Paid on Capital Debt (1,315,849) Interest Paid on Capital Debt (261,400) Net Cash Provided by Capital and Related Financing Activities 24,841,169 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 20,050,327 Purchase of Investments (9,653,301) Net Cash Provided by Investing Activities 10,397,026 Net Increase in Cash and Cash Equivalents 79,421,898 Cash and Cash Equivalents, Beginning of Year 299,731,241 Cash and Cash Equivalents, End of Year $ 379,153,139 16

21 STATEMENT OF CASH FLOWS (Continued) For the Fiscal Year Ended June 30, 2011 College RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss $ (347,709,555) Adjustments to Reconcile Operating Loss to Net Cash Used by Operating Activities: Depreciation Expense 23,024,482 Changes in Assets and Liabilities: Receivables, Net (4,613,532) Notes Receivable, Net (684,084) Inventories 2,693 Prepaid Expenses 3,717 Accounts Payable 1,316,816 Salaries and Payroll Taxes Payable (4,535,609) Due to Other Governmental Agencies 165,007 Due to Component Units (3,795) Deferred Revenue (2,151,911) Deposits Held for Others 855,725 Compensated Absences Payable (524,321) Other Postemployment Benefits Payable 1,316,877 NET CASH USED BY OPERATING ACTIVITIES $ (333,537,490) SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES Unrealized gains on investments were recognized on the statement of revenues, expenses, and changes in net assets, but are not cash transactions for the statement of cash flows. $ 14,979,301 The accompanying notes to financial statements are an integral part of this statement. 17

22 NOTES TO FINANCIAL STATEMENTS JUNE 30, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity. The governing body of Miami Dade College, a component unit of the State of Florida, is the District Board of Trustees. The Board constitutes a corporation and is composed of seven members appointed by the Governor and confirmed by the Senate. The District Board of Trustees is under the general direction and control of the Florida Department of Education, Division of Florida Colleges, and is governed by law and State Board of Education rules. However, the District Board of Trustees is directly responsible for the day-to-day operations and control of the College within the framework of applicable State laws and State Board of Education rules. Geographic boundaries of the District correspond with those of Miami-Dade County. Criteria for defining the reporting entity are identified and described in the Governmental Accounting Standards Board s (GASB) Codification of Governmental Accounting and Financial Reporting Standards, Sections 2100 and These criteria were used to evaluate potential component units for which the District Board of Trustees is financially accountable and other organizations for which the nature and significance of their relationship with the District Board of Trustees are such that exclusion would cause the College s financial statements to be misleading or incomplete. Based upon the application of these criteria, the College is a component unit of the State of Florida, and its financial balances and activities are reported in the State s Comprehensive Annual Financial Report by discrete presentation. Discretely Presented Component Unit. Based on the application of the criteria for determining component units, the Miami Dade College Foundation, Inc. (Foundation), is included within the College s reporting entity as a discretely presented component unit. The Foundation is audited by other auditors pursuant to Section (6), Florida Statutes. The Foundation s audited financial statements are available to the public at the College. The financial data reported on the accompanying financial statements was derived from the Foundation s audited financial statements for the fiscal year ended March 31, The Foundation is also a direct-support organization, as defined in Section , Florida Statutes, and although legally separate from the College, is financially accountable to the College. The Foundation is managed independently, outside the College s budgeting process, and its powers generally are vested in a governing board pursuant to various State statutes. The Foundation receives, holds, invests, and administers property, and makes expenditures to or for the benefit of the College. Basis of Presentation. The College s accounting policies conform with accounting principles generally accepted in the United States of America applicable to public colleges and universities as prescribed by GASB. The National Association of College and University Business Officers (NACUBO) also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board (FASB). GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only 18

23 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 business-type activities. This election requires the adoption of the accrual basis of accounting and entitywide reporting including the following components: Management s Discussion and Analysis Basic Financial Statements: Statement of Net Assets Statement of Revenues, Expenses, and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements Other Required Supplementary Information Basis of Accounting. Basis of accounting refers to when revenues, expenses, and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the measurement focus applied. The College s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues, expenses, gains, losses, assets, and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements, including time requirements, are met. The College s component unit uses the economic resources measurement focus and accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred, and follows FASB standards of accounting and financial reporting for not-for-profit organizations. The College follows GASB pronouncements and FASB pronouncements issued on or before November 30, 1989, unless the FASB pronouncements conflict with GASB pronouncements. Under GASB Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting, the College has the option to elect to apply all pronouncements of FASB issued after November 30, 1989, unless those pronouncements conflict with GASB pronouncements. The College has elected to apply FASB pronouncements issued after November 30, Significant interdepartmental sales between auxiliary service departments and other institutional departments have been accounted for as reductions of expenses and not revenues of those departments. The College s principal operating activity is instruction. Operating revenues and expenses generally include all fiscal transactions directly related to instruction as well as administration, academic support, student services, physical plant operations, and depreciation of capital assets. Nonoperating revenues include State noncapital appropriations, Federal and State student financial aid, American Recovery and Reinvestment Acts Funds, investment income, and revenues for capital construction projects. Interest on capital assetrelated debt is a nonoperating expense. 19

24 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 The statement of net assets is presented in a classified format to distinguish between current and noncurrent assets and liabilities. When both restricted and unrestricted resources are available to fund certain programs, it is the College s policy to first apply the restricted resources to such programs followed by the use of the unrestricted resources. The statement of revenues, expenses, and changes in net assets is presented by major sources and is reported net of tuition scholarship allowances. Tuition scholarship allowances are the differences between the stated charge for goods and services provided by the College and the amount that is actually paid by the student or the third party making payment on behalf of the student. The College identified, within its accounting system, amounts paid for tuition and fees by financial aid. The total amount of these third-party payments is deducted from student tuition and fees. The statement of cash flows is presented using the direct method in compliance with GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Cash and Cash Equivalents. The amount reported as cash and cash equivalents consists of cash on hand, cash in demand accounts, funds in an institutional cash management money market mutual fund, and cash invested with State Treasury Special Purpose Investment Account (SPIA) and the State Board of Administration (SBA) Florida PRIME Investment Pool, formerly known as the Local Government Surplus Funds Trust Fund Investment Pool. For reporting cash flows, the College considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Under this definition, the College considers amounts invested in the SPIA and SBA Florida PRIME investment pool to be cash equivalents. College cash deposits are held in banks qualified as public depositories under Florida law. All such deposits are insured by Federal depository insurance, up to specified limits, or collateralized with securities held in Florida s multiple financial institution collateral pool required by Chapter 280, Florida Statutes. Cash and cash equivalents that are externally restricted to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital or other restricted assets are classified as restricted. Under an agreement with a local bank, the amounts for outstanding checks awaiting clearance are invested in an institutional cash management money market mutual fund. This money market mutual fund invests in corporate money market securities, commercial paper, repurchase agreements, variable-rate instruments, and bank instruments. At June 30, 2011, the College reported as cash equivalents at fair value $274,195,054 in the State Treasury SPIA investment pool representing ownership of a share of the pool, not the underlying securities. The SPIA carried a credit rating of Af by Standard & Poor s and had an effective duration of 2.13 years at June 30, The College relies on policies developed by the State Treasury for managing interest rate risk or credit risk for this investment pool. Disclosures for the State Treasury SPIA investment pool are included in the notes to financial statements of the State s Comprehensive Annual Financial Report. 20

25 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 At June 30, 2011, the College reported as cash equivalents at fair value $98,027,539 in the Florida PRIME investment pool administered by the SBA pursuant to Section , Florida Statutes. The College s investments in the Florida PRIME investment pool, which the SBA indicates is a Securities and Exchange Commission Rule 2a7-like external investment pool, as of June 30, 2011, are similar to money market funds in which shares are owned in the fund rather than the underlying investments. The Florida PRIME investment pool carried a credit rating of AAAm by Standard & Poor s and had a weighted-average days to maturity (WAM) of 31 days as of June 30, A portfolio s WAM reflects the average maturity in days based on final maturity or reset date, in the case of floating-rate instruments. WAM measures the sensitivity of the Florida PRIME investment pool to interest rate changes. The investments in the Florida PRIME investment pool are reported at fair value, which is amortized cost. Capital Assets. College capital assets consist of land; construction in progress; buildings; other structures and improvements; and furniture, machinery, and equipment. These assets are capitalized and recorded at cost at the date of acquisition or at estimated fair value at the date received in the case of gifts and purchases of State surplus property. Additions, improvements, and other outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The College has a capitalization threshold of $5,000 for tangible personal property and $25,000 for buildings and other structures and improvements. Depreciation is computed on the straight-line basis over the following estimated useful lives: Buildings 40 years Other Structures and Improvements 10 years Furniture, Machinery, and Equipment: Computer Equipment 3 years Vehicles, Office Machines, Educational, Athletic, and Construction and Maintenance Equipment 5 years Furniture 7 years Noncurrent Liabilities. Noncurrent liabilities include bonds payable, deposits held for others, compensated absences payable, and other postemployment benefits payable that are not scheduled to be paid within the next fiscal year. 2. INVESTMENTS The College s Board of Trustees has adopted a written investment policy providing that surplus funds of the College shall be invested in those institutions and instruments permitted under the provisions of Florida Statutes. Section (16), Florida Statutes, authorizes the College to invest in the Florida PRIME investment pool administered by the State Board of Administration; interest-bearing time deposits and savings accounts in qualified public depositories, as defined by Section , Florida Statutes; direct obligations of the United States Treasury; obligations of Federal agencies and instrumentalities; securities of, or interests in, certain open-end or closed-end management type investment companies; Securities and 21

26 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; and other investments approved by the College s Board of Trustees as authorized by law. State Board of Education Rule 6A (3), Florida Administrative Code, provides that College loan, endowment, annuity, and life income funds may also be invested pursuant to Section , Florida Statutes. Investments authorized by Section , Florida Statutes, include bonds, notes, commercial paper, and various other types of investments. Investments set aside to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital assets are classified as restricted. The Board of Trustees also adopted an investment policy for the management of endowment assets and other investments, which include investment objectives, permitted types of securities in which the Board may invest, and evaluation criteria necessary to measure the investment performance of the plan. Additionally, the College s investment policy provides that the goal of the investment program is to provide a real total return from assets invested that will preserve the purchasing power of endowment assets and other investments, while generating an income stream sufficient to support the established spending requirements. Investments are to be related to the short-, mid-, and long-term needs of the College, while considering the probable safety of their capital as well as the probable income to be derived from the investment. For endowment investments, four asset classes are targeted to ensure the proper level of diversification within the fund. These asset classes are domestic equity, international equity, domestic fixed-income, and cash and cash equivalents. For other investments, the highest priority is placed on the safety of the principal. The College s investment policy also provides investment managers with different investment styles (strategies). During the fiscal year, moneys of the Endowment Fund were invested by 12 investment managers, and other investments were invested by 5 investment managers. Endowment investments and other investments are reported at a fair value of $86,115,976 and $164,977,711, respectively. The reporting of endowment investments at fair value resulted in an unrealized gain of $12,824,233. The reporting of other investments at fair value resulted in an unrealized gain of $2,547,296. The College s investments at June 30, 2011, are reported at fair value, as follows: 22

27 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Investment Type Amount Corporate Bonds and Notes Stocks and Other Equity Securities $ 72,586,079 46,592,744 Federal Agency Obligations 34,397,081 United States Government Obligations 32,803,093 Alternative Hedge Funds 23,589,861 (1) International Equities 21,623,243 Money Market Funds 16,744,216 State Board of Administration Fund B Surplus Funds Trust Fund 2,757,370 Total College Investments $ 251,093,687 Note: (1) The value of investments held in this fund involve significant uncertainties and judgments and cannot be determined with precision. Due to the inherent uncertainty of valuation, those estimated values may differ from the value that would be have been used had a ready market for these investments existed, and the differences could be material. The following risks apply to the College s investments other than the SBA Fund B external investment pool: Interest Rate Risk: The College s investment policy for endowment investments, as a means of managing its exposure to fair value losses arising from increasing interest rates, states that investment managers are engaged to reduce the overall volatility of the portfolio and to provide a highly predictable and dependable source of income. It is expected that investments made by the investment managers will be flexibly allocated among maturities of different lengths according to interest rate prospects. The College s investment policy for other investments states that investments shall be made with the same judgment and care, under circumstance then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs. At June 30, 2011, the College had investments in debt securities as follows: 23

28 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 College Investments Duration Average Durations Fair Investment Types (1) Value US Government Federal Corporate Money Obligations Agency Bonds and Markets Obligations Notes Funds Endowment Investments: No More Than 397 Days (2) $ 1,866,595 $ $ $ $ 1,866, Years 4,497,808 4,497, Years 3,162, , ,636 1,790,456 Other Investments: No More Than 397 Days (2) 14,877,621 14,877, Years 40,035,050 11,250,468 5,687,005 23,097, Years 81,353,831 13,163,908 26,028,768 42,161, Years 10,736,713 2,938,150 2,261,672 5,536,891 Total $ 156,530,469 $ 32,803,093 $ 34,397,081 $ 72,586,079 $ 16,744,216 Notes: (1) (2) These investment durations are for debt securities, including US Government Obligations, Federal Agency Obligations, Corporate Bonds and Notes, and Money Markets Funds. Interest rate risk disclosure is not required for other College investments in Equity Securities or Alternative Hedge Funds. The interest rate risk duration for Money Market Funds represent the remaining days to maturity in accordance with the portfolio prospectus dated April 1, Credit Risk: Credit risk is the risk that an issuer or other counterparty will not fulfill its obligations. Obligations of the United States government or obligations explicitly guaranteed by the United States government are not considered to have credit risk and do not require disclosure of credit quality. The College s investment policy for endowment investments provides that each manager s overall portfolio should exhibit at least an investment grade rating by either Moody s or Standard & Poor s. The College s investment policy for other investments states that the weighted average quality rating of the collective funds invested must maintain a rating of AA or higher. At June 30, 2011, the College had investments with quality ratings by nationally recognized rating agencies (i.e., Standard & Poor s) as follows: 24

29 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 College Investments Quality Ratings Investment Type (1) Fair A+/A1/A+ A+ AA- Rating Value Unavailable Endowment Investments: Corporate Bonds and Notes $ 1,790,456 $ $ $ 1,790,456 $ Federal Agency Obligations 419, ,636 Money Market Funds 1,666, , ,766 Other Investments: Corporate Bonds and Notes 70,795,623 23,097,577 5,536,891 42,161,155 Federal Agency Obligations 25,616,354 5,544,032 1,025,253 19,047,069 Money Market Funds 12,627,695 1,466, ,244 6,221,467 4,300,139 Total $ 112,916,367 $ 30,108,454 $ 7,201,392 $ 70,501,616 $ 5,104,905 Note: (1) These credit quality ratings are for Corporate Bonds and Notes, Federal Agency Obligations, and Money Market Funds not explicitly guaranteed by the United States Government. Credit risk disclosure is not required for the other College investments. Custodial Credit Risk: Custodial credit risk is the risk that, in the event of the failure of the counterparty to a transaction, the College will not be able to recover that value of investments or collateral securities that are in the possession of an outside party. Investments purchased on behalf of the College pursuant to Section , Florida Statutes, must be properly earmarked and (1) if registered with the issuer or its agents, the investment must be immediately placed for safekeeping in a location that protects the College s interest in the security; (2) if in a book-entry form, the investment must be held for the credit of the College by a depository chartered by the Federal Government, the State, or any other State or territory of the United States, that has a branch or principal place of business in this State, or by a national association organized and existing under the laws of the United States that is authorized to accept and execute trusts and which is doing business in this State, and must be kept by the depository in an account separate and apart from the assets of the financial institution; or (3) if physically issued to the holder but not registered with the issuer or its agents, must be immediately placed for safekeeping in a secured vault. The College s investments of $23,589,861 in alternative hedge funds, $21,623,243 in international equities, and $4,497,808 in United States Government Obligations, as well as money market funds totaling $4,598,238 are held by the safekeeping agent in the name of the College. Concentration of Credit Risk: The College s investment policy for endowment investments allows for investment allocations of 40 to 60 percent in domestic equity securities, 5 to 40 percent in international equity securities, and 10 to 30 percent in domestic fixed securities. In addition, each domestic fixed income manager can invest up to 10 percent of its respective portfolio in certain international securities as long as the total international equity securities and international fixed income securities do not exceed 40 percent of total endowment investments. The College s investment policy for other investments provides that a maximum of 5 percent may be invested in securities of any single issuer, except for United States Government and United States Government agency securities. 25

30 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Securities Lending The College participates in a securities lending program as a means to augment income. This program is managed by the College s custodial bank that serves as a lending agent for the College and receives securities or cash as collateral. The College s securities are transferred to broker-dealers and other entities (borrowers) for collateral with a simultaneous agreement to return the collateral for cash or the same securities in the future. Securities loans immediately terminate by either the College or its agent, or by the borrower, upon notice and delivery of equivalent securities. Securities lent for collateral received exceeded the fair value of such investments during the period of loan. All borrowers are required to provide additional collateral if the value falls to less than 102 percent of the fair value of securities lent. The types of securities lent during the year, to lenders domiciled or who reside in the United States, included United States Government Obligations, corporate bonds, and stocks and other equity securities. Asset-backed securities were specifically excluded as allowable collateral securities from the agreement. As of June 30, 2011, the College had loaned certain securities, with fair value of $35,014,523 and had received cash collateral of $35,700,640 for the loaned securities. As of June 30, 2011, the College had net investment income of $14,918 for securities lending transactions. Securities Lending - Investments Lent and Collateral Received (at Fair Value) Securities Lent Fair Value Cash Collateral of Underlying Investment Securities Value For Cash Collateral (Endowment): Stock and Other Equity Securities $ 9,483,886 $ 9,661,906 For Cash Collateral (Other Investments): U.S. Government Obligations 14,783,909 15,089,129 Corporate Bonds 9,579,017 9,760,838 Stock and Other Equity Securities 1,167,711 1,188,767 Total $ 35,014,523 $ 35,700,640 The contract with the College s custodian requires them to indemnify the funds if the borrowers fail to return the securities (and if the collateral is inadequate to replace securities lent) or fail to pay the funds for income distributions by the securities issuers while the securities are on loan. Credit Risk: At June 30, 2011, the College had no credit risk exposure to borrowers because the amounts the College owed the borrowers exceeded the amounts the borrowers owed the College. Custodial Credit Risk: There is no custodial risk exposure associated with the investment of cash received for securities lent. These investments are held in the College s name by the custodial bank as an agent for the College. 26

31 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 State Board of Administration Fund B Surplus Funds Trust Fund On December 4, 2007, the State Board of Administration (SBA) restructured the Local Government Surplus Funds Trust Fund to establish the Fund B Surplus Funds Trust Fund (Fund B). Fund B, which is administered by the SBA pursuant to Sections and , Florida Statutes, is not subject to participant withdrawal requests. Distributions from Fund B, as determined by the SBA, are effected by transferring eligible cash or securities to the Florida PRIME investment pool, consistent with the pro rata allocation of pool shareholders of record at the creation date of Fund B. One hundred percent of such distributions from Fund B are available as liquid balance within the Florida PRIME investment pool. At June 30, 2011, the College reported investments at fair value of $2,757,370 in Fund B. The College s investments in Fund B are accounted for as a fluctuating net asset value pool, with a fair value factor of at June 30, The weighted-average life (WAL) of Fund B at June 30, 2011 was 7.16 years. A portfolio s WAL is the dollar-weighted average length of time until securities held reach maturity and is based on legal final maturity dates for Fund B as of June 30, WAL measures the sensitivity of Fund B to interest rate changes. The College s investment in Fund B is unrated. Component Unit Investments Investments held by the Foundation are composed of Government investment pools, equity and debt securities, fund of funds, Federal agency debt securities, mutual funds, short-term investments, common trust/commingled funds, and private equity fund, and are presented on the financial statements at fair value of $90,603,031. This includes investments amounting to $31,012,341, the values of which have been estimated by the Foundation, in the absence of readily ascertainable market values. Those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. 3. QUASI-ENDOWMENT FUND Pursuant to a referendum held in September 1992, Miami-Dade County was authorized to exceed the constitutional millage limitation and levy an ad valorem tax of ¾ of a mill for a two-year period for the purpose of maintenance, improvement, and expansion of occupational, vocational, and educational programs at the College. The funds generated by this referendum were approximately $94 million and were invested and deposited in the College s quasi-endowment fund, of which the Board established a maximum annual withdrawal of $9.5 million for use by the College. At June 30, 2011, the College reported quasiendowment investments of approximately $86.1 million. 4. ACCOUNTS RECEIVABLE Accounts receivable represent amounts for student fee deferments, various student services provided by the College, returned checks, and contract and grant reimbursements due from third parties. These receivables are reported net of a $2,614,331 allowance for doubtful accounts. 27

32 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, NOTES RECEIVABLE Notes receivable represent student loans made under the Federal Perkins Loan Program of $13,814,690, Federal Nursing Student Loan Program of $50,517, a short-term loan program of $6,504,818, and an emergency loan program of $7,332. Notes receivable are reported net of a $2,018,038 allowance for doubtful notes. 6. DUE FROM OTHER GOVERNMENTAL AGENCIES This amount primarily consists of $84,230,000 of Public Education Capital Outlay allocations due from the State for construction of College facilities. 7. DUE FROM AND TO COMPONENT UNIT/COLLEGE The $501,567 reported as due to component unit consists of amounts owed by the College to the Miami Dade College Foundation, Inc. (Foundation), pursuant to an agreement to support the Foundation s operations. The $1,220,276 due from component unit consists of amounts owed to the College by the Foundation for scholarships, student aid, and grant programs. The College s financial statements are reported for the fiscal year ended June 30, The College s component unit s financial statements are reported for the fiscal year ended March 31, Accordingly, amounts reported by the College as due from and to the component unit on the statement of net assets do not agree with amounts reported by the component unit as due from and to the College. 8. INVENTORIES Inventories consist of items for resale by the Vision Care Clinic, and are valued using the retail method. Consumable laboratory supplies, teaching materials, and office supplies on hand in College departments are expensed when purchased, and are not considered material. Accordingly, these items are not included in the reported inventory. 9. CAPITAL ASSETS Capital assets activity for the fiscal year ended June 30, 2011, is shown below: 28

33 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Description Beginning Additions Reductions Ending Balance Balance Nondepreciable Capital Assets: Land $ 80,619,976 $ 45,699 $ $ 80,665,675 Construction in Progress 19,545,826 19,850,845 18,561,897 20,834,774 Total Nondepreciable Capital Assets $ 100,165,802 $ 19,896,544 $ 18,561,897 $ 101,500,449 Depreciable Capital Assets: Buildings $ 527,866,046 $ 33,320,615 $ 297,354 $ 560,889,307 Other Structures and Improvements 26,256, ,760 27,238,757 Furniture, Machinery, and Equipment 60,346,348 4,818,993 2,942,295 62,223,046 Total Depreciable Capital Assets 614,469,391 39,121,368 3,239, ,351,110 Less, Accumulated Depreciation: Buildings 246,565,793 18,933, ,499,108 Other Structures and Improvements 23,440, ,540 24,024,522 Furniture, Machinery, and Equipment 53,481,040 3,507,627 2,942,295 54,046,372 Total Accumulated Depreciation 323,487,815 23,024,482 2,942, ,570,002 Total Depreciable Capital Assets, Net $ 290,981,576 $ 16,096,886 $ 297,354 $ 306,781, SALARY AND PAYROLL TAXES PAYABLE Salary and payroll taxes payable as of June 30, 2011, totaled $19,233,515. This amount includes $7,655,890 of salary and payroll taxes and banked point liability of $11,577,625. Under the bank point system, faculty members are allowed to bank overload teaching assignments. The instructor may use the banked points to offset future underloads, provide for additional leave time, or receive payment upon termination. 11. DEFERRED REVENUE Deferred revenue includes restricted grants and contracts revenue and student tuition and fees received prior to fiscal year-end related to subsequent accounting periods. As of June 30, 2011, the College reported the following amounts as deferred revenue: Description Amount 12. LONG-TERM LIABILITIES Student Tuition and Fees $ 644,315 Restricted Grants and Contracts 528,003 Total Deferred Revenue $ 1,172,318 Long-term liabilities of the College at June 30, 2011, include bonds payable, installment purchases payable, deposits held for others, compensated absences payable, and other postemployment benefits payable. Long-term liabilities activity for the fiscal year ended June 30, 2011, is shown below: 29

34 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Description Beginning Additions Reductions Ending Current Balance Balance Portion Bonds Payable $ 4,895,000 $ $ 925,000 $ 3,970,000 $ 985,000 Installment Purchases Payable 591, , , ,807 Deposits Held for Others 6,668, ,725 7,524,299 7,519,299 Compensated Absences Payable 25,828,030 13,763,265 14,287,586 25,303,709 13,998,012 Other Postemployment Benefits Payable 5,011,007 2,328,049 1,011,172 6,327,884 Total Long-Term Liabilities $ 42,994,267 $ 16,947,039 $ 16,614,607 $ 43,326,699 $ 22,703,118 Bonds Payable. The State Board of Education issues capital outlay bonds on behalf of the College. These bonds mature serially and are secured by a pledge of the College s portion of the State-assessed motor vehicle license tax and by the State s full faith and credit. The State Board of Education and the State Board of Administration administer the principal and interest payments, investment of debt service resources, and compliance with reserve requirements. The College had the following bonds payable at June 30, 2011: Bond Type Amount Interest Annual Outstanding Rates Maturity (Percent) To State Board of Education Capital Outlay Bonds: Series 2002B $ 2,940, Series 2005A 50, Series 2005B 855, Series 2009A 125, Total $ 3,970,000 Annual requirements to amortize all bonded debt outstanding as of June 30, 2011, are as follows: Fiscal Year Ending June 30 State Board of Education Capital Outlay Bonds Principal Interest Total 2012 $ 985,000 $ 197,400 $ 1,182, ,075, ,900 1,231, ,155,000 99,756 1,254, ,000 38, , ,000 24, , ,000 26, ,750 Total $ 3,970,000 $ 543,506 $ 4,513,506 Installment Purchases Payable. The College has entered into several installment purchase agreements for the purchase of data processing equipment reported at $1,853,199. The stated interest rates ranged from 3.25 percent to 3.75 percent. Future minimum payments remaining under installment purchase agreements and the present value of the minimum payments as of June 30, 2011, are as follows: 30

35 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Fiscal Year Ending June 30 Amount 2012 $ 202,939 Total Minimum Payments 202,939 Less, Amount Representing Interest 2,132 Present Value of Minimum Payments $ 200,807 Deposits Held for Others. Deposits held for others are mostly funds on deposit in the Agency Fund, which are derived from fund-raising activities of third parties, such as independent councils, student groups, and similar clubs. The funds are expended for purposes consistent with and supportive of the objectives of the third party or its members. As of June 30, 2011, the College reported a total liability of $7,524,299, of which $7,519,299 is considered a current liability as this amount is expected to be used in the coming fiscal year. Compensated Absences Payable. College employees may accrue annual and sick leave based on length of service, subject to certain limitations regarding the amount that will be paid upon termination. The College reports a liability for the accrued leave; however, State noncapital appropriations fund only the portion of accrued leave that is used or paid in the current fiscal year. Although the College expects the liability to be funded primarily from future appropriations, generally accepted accounting principles do not permit the recording of a receivable in anticipation of future appropriations. At June 30, 2011, the estimated liability for compensated absences, which includes the College s share of the Florida Retirement System and FICA contributions, totaled $25,303,709. The current portion of the compensated absences liability, $13,998,012, is the amount expected to be paid in the coming fiscal year, and represents a historical percentage of leave used applied to total accrued leave liability. Other Postemployment Benefits Payable. The College follows GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, for other postemployment benefits administered by the College. Plan Description. The Postemployment Benefits Plan (Plan) is a single-employer defined-benefit plan administered by the College. Pursuant to the provisions of Section , Florida Statutes, former employees who retire from the College are eligible to participate in the College s health and hospitalization plan for medical, prescription drug, and vision coverage. The College subsidizes the premium rates paid by retirees by allowing them to participate in the Plan at reduced or blended group (implicitly subsidized) premium rates for both active and retired employees. These rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and future claims are expected to result in higher costs to the plan on average than those of active employees. Additionally, certain retirees receive insurance coverage at a lower (explicitly subsidized) premium rate than active employees. The benefits provided under this defined-benefit plan are provided for a maximum of seven years or until the retiree reaches age 65, whichever occurs earlier. The premium discount is determined at the time of retirement based on the number of years worked for the College. Additional plan benefits include life, dental, and legal insurance, 31

36 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 and are provided to retirees on a full cost basis, without an implicit subsidy. Retirees are required to enroll in the Federal Medicare program for their primary coverage as soon as they are eligible. The College does not issue a stand-alone report and the plan is not included in the annual report of a public employee retirement system or another entity. Funding Policy. Plan benefits are pursuant to the provisions of Section , Florida Statutes, and the Board of Trustees has established and can amend Plan benefits and contribution rates. The College has not advance-funded or established a funding methodology for the annual other postemployment benefit (OPEB) costs or the net OPEB obligation, and the Plan is financed on a pay-as-you-go basis. For the fiscal year, 233 retirees received other postemployment benefits (i.e. medical, prescription drugs, and vision). While retirees are eligible to participate in additional benefits through the College, these benefits are not subsidized. The College provided required contributions of $1,011,172 toward the annual OPEB cost, comprised of benefit payments made on behalf of retirees for claims expenses (net of reinsurance), administrative expenses, and reinsurance premiums. Retiree contributions totaled $1,814,727. Annual OPEB Cost and Net OPEB Obligation. The College s annual OPEB cost (expense) is calculated based on the annual required contribution (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities over a period not to exceed 30 years. The following table shows the College s annual OPEB cost for the year, the amount actually contributed to the Plan, and changes in the College s net OPEB obligation: Description Amount Normal Cost (Service Cost for One Year) $ 1,368,003 Amortization of Unfunded Actuarial: Accrued Liability 913,460 Annual Required Contribution 2,281,463 Interest on Net OPEB Obligation 225,495 Adjustment to Annual Required Contribution (178,909) Annual OPEB Cost (Expense) 2,328,049 Contribution Toward the OPEB Cost (1,011,172) Increase in Net OPEB Obligation 1,316,877 Net OPEB Obligation, Beginning of Year 5,011,007 Net OPEB Obligation, End of Year $ 6,327,884 The College s annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan, and the net OPEB obligation as of June 30, 2011, and for the two preceding years were as follows: 32

37 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Fiscal Year Annual Percentage of Net OPEB OPEB Cost Annual Obligation OPEB Cost Contributed $ 4,842, % $ 5,721, ,313, % 5,011, ,328, % 6,327,884 Funded Status and Funding Progress. As of January 1, 2010, the most recent valuation date, the actuarial accrued liability for benefits was $25,584,804, and the actuarial value of assets was $0, resulting in an unfunded actuarial accrued liability of $25,584,804 and a funded ratio of 0 percent. The covered payroll (annual payroll of active participating employees) was $122,221,245 for the fiscal year, and the ratio of the unfunded actuarial accrued liability to the covered payroll was percent. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment and termination, mortality, and healthcare cost trends. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The Schedule of Funding Progress, presented as required supplementary information following the notes to financial statements, presents multiyear trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Actuarial Methods and Assumptions. Projections of benefits for financial reporting purposes are based on the substantive Plan provisions, as understood by the employer and participating members, and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and participating members. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The College s OPEB actuarial valuation as of January 1, 2010, used the entry age cost actuarial method to estimate the unfunded actuarial liability as of June 30, 2011, and the College s fiscal year ARC. Because the OPEB liability is currently unfunded, the actuarial assumptions included a 4.5 percent rate of return on invested assets, which is the College s expectation of investment returns under its investment policy. The actuarial assumptions also included a payroll growth rate of 4 percent per year, and an annual healthcare cost trend rate of 9.5 percent for the fiscal year, and a reduction of between 0.5 and 1 percent per year, to an ultimate rate of 5 percent after six years. The unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis. The remaining amortization period at June 30, 2011, was 26 years. 33

38 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, RETIREMENT PROGRAMS Florida Retirement System. Essentially all regular employees of the College are eligible to enroll as members of the State-administered Florida Retirement System (FRS). Provisions relating to FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and Florida Retirement System Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. FRS is a single retirement system administered by the Department of Management Services, Division of Retirement, and consists of two cost-sharing, multiple-employer retirement plans and other nonintegrated programs. These include a defined-benefit pension plan (Plan), a Deferred Retirement Option Program (DROP), and a defined-contribution plan, referred to as the Public Employee Optional Retirement Program (PEORP). Employees in the Plan vest at six years of service. All vested members are eligible for normal retirement benefits at age 62 or at any age after 30 years of service, which may include up to 4 years of credit for military service. The Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments. DROP, subject to provisions of Section , Florida Statutes, permits employees eligible for normal retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with an FRS employer. An employee may participate in DROP for a period not to exceed 60 months after electing to participate. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The State of Florida establishes contribution rates for participating employers. Contribution rates during the fiscal year were as follows: Class or Plan Percent of Gross Salary Employee Employer (A) Florida Retirement System, Regular Florida Retirement System, Senior Management Service Teachers' Retirement System, Plan E Deferred Retirement Option Program - Applicable to Members from All of the Above Classes or Plan Florida Retirement System, Reemployed Retiree (B) (B) Notes: (A) (B) Employer rates include 1.11 percent for the postemployment health insurance subsidy. Also, employer rates, other than for DROP participants, include 0.03 percent for administrative costs of the Public Employee Optional Retirement Program. Contribution rates are dependent upon retirement class or plan in which reemployed. 34

39 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 The College s liability for participation is limited to the payment of the required contribution at the rates and frequencies established by law on future payrolls of the College. The College s contributions including employee contributions for the fiscal years ended June 30, 2009, June 30, 2010, and June 30, 2011, totaled $13,464,380, $12,913,677, and $14,170,816, respectively, which were equal to the required contributions for each fiscal year. As provided in Section , Florida Statutes, eligible FRS members may elect to participate in the PEORP in lieu of the FRS defined-benefit plan. College employees already participating in the State College System Optional Retirement Program or the DROP are not eligible to participate in this program. Employer contributions are defined by law, but the ultimate benefit depends in part on the performance of investment funds. The PEORP is funded by employer contributions that are based on salary and membership class (Regular Class, Senior Management Service Class, etc.). Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Employees in PEORP vest at one year of service. There were 508 College participants during the fiscal year. Required contributions made to the PEORP totaled $2,546,382. Financial statements and other supplementary information of the FRS are included in the State s Comprehensive Annual Financial Report, which is available from the Florida Department of Financial Services. An annual report on the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services, Division of Retirement. 14. CONSTRUCTION COMMITMENTS The College s major construction commitments at June 30, 2011, are as follows: Project Description Total Completed Balance Committed to Date Committed Wolfson Campus: Classroom Facility $ 30,825,795 $ 10,495,934 $ 20,329,861 Freedom Tower Renovation 6,211,042 4,374,997 1,836,045 West Campus: Classrooms, Labs, Offices Renovation 15,578,667 1,430,068 14,148,599 Kendall Campus: Academic Support Center 4,490,084 1,631,264 2,858,820 Total $ 57,105,588 $ 17,932,263 $ 39,173, RISK MANAGEMENT PROGRAMS The College is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The College provided coverage for these 35

40 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 risks primarily through the Florida College System Risk Management Consortium (Consortium), which was created under authority of Section (27), Florida Statutes, by the boards of trustees of the Florida public colleges for the purpose of joining a cooperative effort to develop, implement, and participate in a coordinated Statewide College risk management program. The Consortium is self-sustaining through member assessments (premiums) and is reinsured through commercial companies for claims in excess of specified amounts. Reinsurance from commercial companies provided excess coverage of up to $150 million. Insurance coverage obtained through the Consortium included all property perils, general and automobile liability, workers compensation, and other liability coverage. Settled claims resulting from these risks have not exceeded coverage in any of the past three years. Health and hospitalization, life, dental, and long-term disability coverage are provided through purchased commercial insurance. 16. SCHEDULE OF STATE REVENUE SOURCES Revenue from State sources for current operations is primarily from the College Program Fund administered by the Florida Department of Education under the provisions of Section , Florida Statutes. In accordance with Section , Florida Statutes, the Legislature determines each college s apportionment considering the following components: base budget, which includes the State appropriation to the College Program Fund in the current year plus the related student tuition and fees assigned in the current General Appropriations Act; the cost-to-continue allocation, which consists of incremental changes to the base budget, including salaries, price levels, and other related costs; enrollment workload adjustments; operation costs of new facilities adjustments; and new and improved program enhancements, which are determined by the Legislature. Student fees in the base budget plus student fee revenues generated by increases in fee rates are deducted from the sum of these components to determine the net annual State apportionment to each college. The State allocates gross receipts taxes, generally known as Public Education Capital Outlay money, to the College on an annual basis. The College is authorized to receive and expend these resources only upon applying for and receiving an encumbrance authorization from the Florida Department of Education. 36

41 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 The following is a summary of State revenue sources and amounts: Source Amount College Program Fund $ 143,514,061 Gross Receipts Tax (Public Education Capital Outlay) Education Enhancement Trust Fund (Lottery) 29,892,325 20,606,124 Florida Student Assistance Grants 12,297,850 Bright Futures Scholarship Program 5,237,082 Restricted Contracts and Grants 2,655,329 Motor Vehicle License Tax (Capital Outlay and Debt Service) 1,984,400 Baccalaureate Programs 270,496 Total $ 216,457, FUNCTIONAL DISTRIBUTION OF OPERATING EXPENSES The functional classification of an operating expense (instruction, academic support, etc.) is assigned to a department based on the nature of the activity, which represents the material portion of the activity attributable to the department. For example, activities of an academic department for which the primary departmental function is instruction may include some activities other than direct instruction such as public service. However, when the primary mission of the department consists of instructional program elements, all expenses of the department are reported under the instruction classification. The operating expenses on the statement of revenues, expenses, and changes in net assets are presented by natural classifications. The following are those same expenses presented in functional classifications as recommended by NACUBO: Functional Classification Amount Instruction $ 149,834,741 Public Services 4,614,649 Academic Support 40,093,879 Student Services 30,355,209 Institutional Support 48,041,688 Operation and Maintenance of Plant 47,378,444 Scholarships and Waivers 111,591,419 Depreciation 23,024,482 Auxiliary Enterprises 4,760,863 Loan Operating Expenses 1,645,883 Total Operating Expenses $ 461,341,257 37

42 OTHER REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS PLAN Actuarial UAAL as a Actuarial Accrued Unfunded Percentage Actuarial Value of Liability (AAL) AAL Funded Covered of Covered Valuation Assets (1) (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) [(b-a)/c] 10/1/2007 $ $ 57,036,378 $ 57,036,378 0% $ 93,458, % 1/1/2010 $ $ 25,584,804 $ 25,584,804 0% $ 121,423, % Note: (1) The College's OPEB actuarial valuation used the entry age cost method to estimate the actuarial accrued liability. 38

43 OTHER REQUIRED SUPPLEMENTARY INFORMATION NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 1. SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS PLAN The January 1, 2010, actuarial accrued liability of $25,584,804 was $31,451,574 lower than the October 1, 2007, liability of $57,036,378. Since the previous valuation, the rates of withdrawal, disability, and mortality have been revised to remain consistent with those used for the Florida Retirement System. The methodology used to develop per capita costs of healthcare, the rates of healthcare inflation used to project the per capita costs, and the rates of participation in the Plan have been revised. Additionally, it has been determined the College has no liability under GASB Statements No. 43 and 45 for the life insurance benefit provided to retirees. 39

44 DAVID W. MARTIN, CPA AUDITOR GENERAL AUDITOR GENERAL STATE OF FLORIDA G74 Claude Pepper Building 111 West Madison Street Tallahassee, Florida PHONE: FAX: The President of the Senate, the Speaker of the House of Representatives, and the Legislative Auditing Committee INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS We have audited the financial statements of Miami Dade College, a component unit of the State of Florida, and its discretely presented component unit as of and for the fiscal year ended June 30, 2011, which collectively comprise the College s basic financial statements, and have issued our report thereon included under the heading INDEPENDENT AUDITOR S REPORT ON FINANCIAL STATEMENTS. Our report on the financial statements was modified to include a reference to other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Other auditors audited the financial statements of the discretely presented component unit as described in our report on the College s financial statements. This report does not include the results of the other auditors testing of internal control over financial reporting or compliance and other matters that are reported on separately by those auditors. Internal Control Over Financial Reporting In planning and performing our audit, we considered the College s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the College s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the College s internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the College s financial statements will not be prevented, or detected and corrected on a timely basis. 40

45 Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether the College s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, rules, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Pursuant to Section 11.45(4), Florida Statutes, this report is a public record and its distribution is not limited. Auditing standards generally accepted in the United States of America require us to indicate that this report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, Federal and other granting agencies, and applicable management and is not intended to be and should not be used by anyone other than these specified parties. Respectfully submitted, David W. Martin, CPA March 21,

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